BALI vs PHEQ: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

Parametric Hedged Equity ETF

PHEQANYSE Arca

Overlap

55.1%by weight

Expense ratio

PHEQ −0.06pt a year

BALI0.35%PHEQ0.29%

Avg volume · 30D

BALI 19.7×the volume

BALI373KPHEQ18.9K

3Y return · a year

BALI +5.7pt

BALI+19.5%PHEQ+13.8%

BALI vs PHEQ Performance

Nov 7, 2025 – Nov 9, 2026

+15.8%BALI+9.9%PHEQ

Expense ratio: BALI 0.35%; PHEQ 0.29%, better
Fund size: BALI $1.5B; PHEQ $149M
1Y total return: BALI +15.8%, better; PHEQ +9.9%
Yield (12M): BALI 7.94%, better; PHEQ 0.83%
Holdings: BALI 193; PHEQ 181
Avg volume (30D): BALI 373K sh, better; PHEQ 18.9K sh
NAV per share: BALI $32.85; PHEQ $34.67
52W range

ETF.net Grade

Pillar letters and Scores for BALI, PHEQ, with each pillar’s weight
Pillar	BALI	PHEQ
Cost30% weight	A79	A89Higher
Mission25% weight	A100	Not scored
Risk15% weight	B60	A79Higher
Tradability15% weight	A84Higher	C44
Holdings10% weight	A83Higher	B63
Durability5% weight	A85Higher	B56

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and PHEQ are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds

See all 51 ›

BALI ranks 1st and PHEQ 10th of 51 funds in the S&P 500 Option Income Category.

Rank 1ABALIiShares U.S. Large Cap Premium Income Active ETFScore 82
Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 82
Rank 7AXYLDGlobal X S&P 500 Covered Call ETFScore 74
Rank 10APHEQParametric Hedged Equity ETFScore 72
Rank 10ASPYINeos S&P 500(R) High Income ETFScore 72

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

PHEQAParametric Hedged Equity ETF

In short

BALI BlackRock's active answer to the covered-call crowd: roughly 200 hand-picked U.S. large caps, calls written on the S&P 500 itself rather than single stocks, monthly payouts, at well under the typical fee in its peer group.

PHEQ A hedged large-cap core that skips the outcome calendar. Parametric layers a ladder of put spreads and short calls over U.S. stocks, so the hedge rolls through the year instead of resetting on one annual date.

Stated mandate

BALI BALI seeks consistent income with lower volatility than the broader U.S. equity market. It primarily holds U.S. large-cap equities, sells calls on a large-cap equity index, and uses related index futures to pursue premium income and capital appreciation.

PHEQ Seeks capital appreciation up to a cap while limiting investor losses through a downside buffer. It invests in U.S. large-cap equities and uses laddered put spreads and short calls to create buffer-cap structures.

Why people hold it

BALI 0.35% a year against a 0.60% median for S&P 500 option-income funds, and below what XYLD (0.60%) or SPYI (0.68%) charge for similar work.
Actively run, not a mechanical buy-write: about 200 large caps picked by the manager, index calls sold on top, index futures used alongside.ishares.com
Pays monthly, and the mandate chases capital appreciation as well as premium, so the stock sleeve is not just collateral for the options.
Does what its documents say it does, and stands among the stronger implementations in the S&P 500 option-income group.

PHEQ 0.29% a year, roughly half the typical fee in its S&P 500 options crowd. Cheap for a strategy that usually charges up for the options desk.
The ladder is the point: overlapping put spreads and short calls mature on a rolling basis, so no single reset date dictates your cap or your protection.eatonvance.com
You own the stocks. It holds U.S. large caps outright and layers options on top, rather than renting exposure through swaps or a Treasuries-plus-calls package.
Live since 2023 and one of the stronger builds in a crowded field of S&P 500 option-overlay funds, on our review.

Worth knowing

BALI Selling index calls swaps part of a big rally for premium. The design targets lower volatility than the broad market, not maximum upside.
Distributions can include return of capital, meaning part of a payout may be your own money coming back rather than fund earnings.ishares.com
Launched in 2023, so the track record is short, and it trades at moderate volume rather than with the tightest spreads in the category.

PHEQ A put spread covers a band, not the whole drop. Below the lower strike, losses track the market again, and the short calls trim the top end of big rallies.
Thinly traded compared with the giants of this category, so bid-ask spreads can be wider and limit orders carry more weight.
Built as a hedge, not a yield engine: income is paid quarterly and the fund declares no target payout rate.

Full BALI profile⁠

Full PHEQ profile⁠

BALI vs PHEQ Holdings

How BALI and PHEQ differ

Overlap by weight

55.1%

Shared holdings make up 64.8% of PHEQ and 61.9% of BALI.

About this figure: BALI earns income from options, which aren’t counted.

PHEQ earns income from options, which aren’t counted.

Level by level

Holdings59 in both55.1%
Sector11 Sectors94.4%
Countryby domicile99.4%
Asset classStocks100%

Sector

Sector weights in BALI and PHEQ, widest gap first
Sector	Gap	BALI	PHEQ
Technology	PHEQ +3.3 points	33.8%	37.1%
Consumer Staples	BALI +1.7 points	6.9%	5.2%
Health Care	BALI +1.5 points	12.0%	10.5%
Energy	BALI +1.0 points	4.9%	3.9%
Real Estate	PHEQ +0.7 points	0.8%	1.5%
Utilities	BALI +0.7 points	2.8%	2.1%
Financials	PHEQ +0.6 points	11.2%	11.8%
Consumer Discretionary	PHEQ +0.7 points	9.3%	10.0%
Communication	PHEQ +0.4 points	8.5%	8.9%
Materials	BALI +0.4 points	1.6%	1.2%
Industrials	BALI +0.4 points	8.2%	7.8%

Country, concentration and asset class

Country by domicile

Country weights in BALI and PHEQ, widest gap first
Country	Gap	BALI	PHEQ
United States	BALI +0.2 points	99.4%	99.2%
Netherlands	BALI +0.4 points	0.4%	0.0%
China	PHEQ +0.3 points	0.0%	0.3%
United Kingdom	PHEQ +0.1 points	0.2%	0.3%
Brazil	Same weight	0.1%	0.1%
Italy	PHEQ +0.1 points	0.0%	0.1%
Finland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BALI35.4%
PHEQ38.4%

Securities held

BALI190
PHEQ181

Asset class

BALI: Stocks
PHEQ: Stocks

Holdings

Only in BALI131
In both59
Only in PHEQ122

Only in BALI

131 securities, 34.7% of BALI by weight

Pfizer1.29%
United Parcel Service Inc Class B1.29%
Tjx1.24%
Abbott Laboratories1.02%
Verizon Communications Inc0.99%
Lockheed Martin0.92%
Wec Energy Group0.91%
Gilead Sciences0.88%
Cardinal Health0.84%
Airbnb Class A0.77%
3M0.68%
Vulcan Materials0.63%
Phillips 660.62%
Nextera Energy0.59%
Medtronic PLC0.58%
Oreilly Automotive Inc0.56%
Mckesson Corp0.55%
Booking Holdings0.53%
Charles Schwab0.53%
American Financial Group0.52%
Valero Energy Corp0.52%
General Dynamics Corp0.50%
Amphenol Corp Class A0.46%
Verisign0.45%
Us Bancorp0.45%
Adobe Inc0.43%
Mondelez International Class A0.41%
Lowes Companies Inc0.40%
Archer Daniels Midland0.40%
Starbucks Corp0.39%
Intercontinental Exchange Inc0.37%
Duke Energy Corp0.37%
Ferrovial NV0.36%
Northrop Grumman Corp0.35%
Crowdstrike Holdings Class A0.34%
Target Corp0.34%
Intuit0.33%
Air Products and Chemicals0.33%
Cvs Health0.33%
Exelon Corp0.31%
Texas Roadhouse Inc0.30%
Agnc Investment Reit0.30%
Fortinet0.30%
Comfort Systems Usa0.29%
Palo Alto Networks0.29%
Rockwell Automation Inc0.28%
Qualcomm0.28%
T Mobile Us Inc0.28%
Western Digital Corp0.27%
Cme Group Class A0.27%

Only in PHEQ

122 securities, 37.0% of PHEQ by weight

Msilf Government1.56%
Johnson & Johnson Common1.53%
Walmart Inc Common Stock1.13%
Mastercard Inc Common1.09%
The Coca-Cola Company0.91%
General Electric Co0.82%
Home Depot Inc/The Common0.80%
Spxw Put USD 09/30/20270.66%
Wells Fargo & Co Common0.62%
Philip Morris0.62%
Linde PLC Common Stock0.57%
Thermo Fisher Scientific0.56%
Salesforce.com Inc.0.55%
Space Exploration0.55%
Kla Corp Common Stock USD0.54%
Spxw Put USD 06/30/20270.50%
AT&T Inc Common Stock USD0.49%
Vivmark Residential Reit0.46%
Centene Corp Common Stock0.46%
Workday Inc Common Stock0.44%
Intuitive Surgical Inc0.44%
Ross Stores Inc Common0.42%
Cheniere Energy Inc0.41%
The Walt Disney Company0.41%
Labcorp Holdings Inc0.40%
Howmet Aerospace Inc0.39%
Boeing Co/The Common0.39%
American Express Co0.38%
Delta Air Lines Inc0.38%
Morgan Stanley Dean0.38%
Targa Resources Corp0.37%
Prudential Financial Inc0.36%
Corning Inc Common Stock0.36%
Devon Energy Corp Common0.34%
Expeditors International0.34%
Republic Services Inc0.34%
United Rentals Inc Common0.34%
Te Connectivity PLC0.34%
Yum Brands Inc Common0.33%
Monolithic Power Systems0.33%
Fiserv Inc Common Stock0.33%
Ford Motor Co Common0.33%
Veeva Systems Inc Common0.32%
Darden Restaurants Inc0.31%
L3HARRIS Technologies Inc0.31%
Entergy Corp Common Stock0.31%
Atlassian Corp Common0.31%
Resmed Inc Common Stock0.31%
Nasdaq Inc Common Stock0.31%
Pultegroup Inc Common0.30%

Weight gaps

All 59 Holdings in both funds, largest gap first.

Holding weights in BALI and PHEQ, widest gap first
Holding	Gap	BALI	PHEQ
AppleAAPL	PHEQ +1.34 points	6.55%	7.89%
Tesla IncTSLA	PHEQ +1.08 points	0.73%	1.81%
Costco Wholesale CorpCOST	BALI +0.89 points	1.89%	1.00%
Procter & GamblePG	BALI +0.87 points	1.74%	0.87%
ChevronCVX	BALI +0.77 points	1.75%	0.99%
Eli LillyLLY	PHEQ +0.72 points	1.36%	2.08%
Amazon.com IncAMZN	PHEQ +0.60 points	3.54%	4.14%
MicrosoftMSFT	PHEQ +0.58 points	5.71%	6.29%
Alphabet Class AGOOGL	PHEQ +0.54 points	2.18%	2.72%
JPMorgan Chase & CoJPM	PHEQ +0.52 points	1.21%	1.73%
Applied Material IncAMAT	BALI +0.53 points	0.73%	0.20%
NVIDIANVDA	PHEQ +0.48 points	6.45%	6.93%
Berkshire Hathaway Inc Class BBRK.B	BALI +0.46 points	1.98%	1.52%
Meta Platforms Class AMETA	PHEQ +0.42 points	1.65%	2.07%
Lam ResearchLRCX	BALI +0.41 points	0.65%	0.24%
Palantir Technologies Class APLTR	PHEQ +0.40 points	0.45%	0.85%
Ametek IncAME	BALI +0.35 points	0.67%	0.32%
Visa Class AV	BALI +0.33 points	1.72%	1.39%
Exxonmobil Holdings CorpXOM	BALI +0.33 points	1.85%	1.52%
ZscalerZS	PHEQ +0.32 points	0.02%	0.34%
AbbVieABBV	PHEQ +0.30 points	0.83%	1.13%
UnitedHealth GroupUNH	BALI +0.27 points	1.07%	0.80%
Citizens Financial Group IncCFG	BALI +0.27 points	0.55%	0.28%
Alphabet Class CGOOG	PHEQ +0.27 points	2.04%	2.31%
NetflixNFLX	BALI +0.24 points	0.47%	0.23%
Broadcom IncAVGO	PHEQ +0.24 points	1.93%	2.17%
Advanced Micro DevicesAMD	BALI +0.22 points	1.14%	0.92%
Ppl CorpPPL	BALI +0.21 points	0.46%	0.25%
PepsicoPEP	BALI +0.21 points	0.72%	0.51%
Fox Class AFOXA	PHEQ +0.20 points	0.12%	0.32%
Ge VernovaGEV	PHEQ +0.19 points	0.36%	0.55%
Micron TechnologyMU	PHEQ +0.17 points	1.07%	1.24%
Mongodb Class AMDB	PHEQ +0.16 points	0.04%	0.20%
Amgen IncAMGN	PHEQ +0.15 points	0.58%	0.73%
SandiskSNDK	PHEQ +0.14 points	0.18%	0.32%
Viking Holdings LtdVIK	PHEQ +0.12 points	0.16%	0.28%
DowDOW	PHEQ +0.12 points	0.08%	0.20%
Merck & Co IncMRK	BALI +0.11 points	0.98%	0.87%
Travelers CompaniesTRV	PHEQ +0.10 points	0.38%	0.48%
International Business Machines CoIBM	PHEQ +0.10 points	0.50%	0.60%
Wr BerkleyWRB	PHEQ +0.09 points	0.14%	0.23%
Intel CorporationINTC	BALI +0.08 points	0.41%	0.33%
Caterpillar IncCAT	BALI +0.09 points	0.68%	0.59%
Heico Class AHEI.A	PHEQ +0.07 points	0.03%	0.10%
BlackstoneBX	PHEQ +0.06 points	0.33%	0.39%
Texas InstrumentTXN	BALI +0.06 points	0.56%	0.50%
Astera LabsALAB	PHEQ +0.05 points	0.05%	0.10%
OracleORCL	BALI +0.04 points	0.23%	0.19%
Dell Technologies Inc Class CDELL	PHEQ +0.04 points	0.28%	0.32%
MercadolibreMELI	PHEQ +0.04 points	0.08%	0.12%
General Mills IncGIS	PHEQ +0.04 points	0.11%	0.15%
Cisco Systems IncCSCO	PHEQ +0.04 points	0.89%	0.93%
Credo Technology Group Holding LtdCRDO	PHEQ +0.03 points	0.02%	0.05%
Bank of AmericaBAC	BALI +0.02 points	0.77%	0.75%
NateraNTRA	BALI +0.02 points	0.10%	0.08%
SnowflakeSNOW	BALI +0.02 points	0.06%	0.04%
Reliance Steel & AluminumRS	PHEQ +0.01 points	0.06%	0.07%
Marvell TechnologyMRVL	PHEQ +0.01 points	0.23%	0.24%
PaychexPAYX	PHEQ +0.01 points	0.37%	0.38%

All 190 BALI holdings⁠All PHEQ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BALI vs PHEQ Cost

Overpaying BALI vs PHEQ

$1,174

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BALI 0.35%
$7,126
PHEQ 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
PHEQ 0.29%
Overpaying

Year by year

Year	BALI	PHEQ	Overpaying
10	$634	$527	$107
20	$2,454	$2,044	$410
30	$7,126	$5,952	$1,174

Expense ratio

0.35%BALI
0.29%PHEQ, cheaper

PHEQ0.29%BALI0.35%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

PHEQ 5th cheapest of 51 funds

BALI 11th cheapest of 51 funds

BALI vs PHEQ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): BALI 7.94%, better; PHEQ 0.83%
Payout (12M): BALI $2.66; PHEQ $0.29
Last payment: BALI $0.18; PHEQ $0.05
Ex-dividend: BALI Nov 2, 2026; PHEQ Sep 21, 2026
Paid on: BALI Nov 5, 2026; PHEQ Sep 25, 2026
Frequency: BALI Monthly; PHEQ Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 37 paymentsAll BALI payments⁠

PHEQQuarterly · 12 paymentsAll PHEQ payments⁠

BALI vs PHEQ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BALI 10.2%PHEQ 6.7%, better
Return per unit of riskSharpe ratio, 3 years: BALI 1.52, betterPHEQ 1.46
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023PHEQ −12.6%since Oct 2023
Market sensitivityBeta, 5 years: BALI 0.78PHEQ 0.51; Market = 1

BALI and PHEQ in the news

All news⁠

Income Watch
BlackRock estimates 86% of the iShares Nasdaq Premium Income Active ETF's October check was return of capital
Oct 11, 2026BALI
New ETFs
Calamos's hedged S&P 500 ETF charges 0.66% for a hedge you cannot look up
Sep 15, 2026PHEQ

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BALI vs PHEQ

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and PHEQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in PHEQ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BlackRock estimates 86% of the iShares Nasdaq Premium Income Active ETF's October check was return of capital

Calamos's hedged S&P 500 ETF charges 0.66% for a hedge you cannot look up

How BALI and PHEQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in PHEQ

Weight gaps